Richards was signed after the 2010-2011 season to a nine-year, $60 million deal, according to ESPN. He had six years remaining on his deal and was stilled owed $19 million on his contract.

The Rangers will now have $6.67 million dollars of extra cap space per season to use.

According to the rules of the buyout, Richards will be paid two-thirds of his remaining $19 million salary, paid over the next 12 years, along with $8 million in signing bonus over the next three years.

Each team was given two compliance buyouts as part of the latest Collective Bargaining Agreement. These buyouts would not count against the team's salary cap.

In his three seasons with the Rangers, Richards scored 56 goals and had 151 total points, while only missing two regular season games in that time, according to the New York Daily News.

Richards will become an unrestricted free agent once the free agency starts on July 1 and he will be able to sign with any team but the Rangers.